EFTA00195365

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail ... 4

Fund Activity 4





<table border="1"><tr><td>EPSTEIN INTERESTS</td></tr><tr><td>DTD 12/26/91</td></tr><tr><td>JEFFERY E EPSTEIN &amp; MARK L *</td></tr><tr><td>EPSTEIN &amp; WILLIAM ELKUS TTEES</td></tr><tr><td>457 MADISON AVENUE 4TH FLR</td></tr><tr><td>NEW YORK NY 10022-6843</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Your Portfolio at a Glance

| TOTAL VALUE OF SECURITIES THIS PERIOD* | 663,900 |

| :--- | :--- |





<table><tr><td>MONEY MARKET FUND BALANCE</td><td>74,296</td></tr></table>

<table border="1"><tr><td>NET EQUITY THIS PERIOD</td><td>$738,196</td></tr><tr><td></td><td></td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| NET EQUITY LAST STATEMENT | 725,846 |

| :--- | :--- |

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><td>12,350</td></tr></thead></table>

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

| LAST STATEMENT | December 30, 2005 |

| :--- | :--- |

Market Value of Your Portfolio

STATEMENT PERIOD December 31, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

EPSTEIN INTERESTS

THROUGH January 31, 2006

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for your records. See reverse side for important information.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>249.85</td></tr><tr><td>Amount Credited</td><td>$249.85</td></tr><tr><td>Money Fund</td><td>-249.85</td></tr><tr><td>Amount Debited</td><td>$-249.85</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

## Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>74,296</td></tr><tr><td>Equities</td><td>663,900</td></tr><tr><td>Total</td><td>$738,196</td></tr></table>

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4,1800%</td><td>DICXX</td><td>74,296.12</td><td>1.0000</td><td>74,296</td><td>3,046</td><td>4.0998</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$74,296</td><td>$3,046</td><td></td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

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STATEMENT PERIOD December 31, 2005

THROUGH January 31, 2006



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 30, 2005 |

| :--- | :--- |

Your Portfolio Allocation

Unhaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.



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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859


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EPSTEIN INTERESTS

## Your Portfolio Holdings (continued)

EQUITIES

STATEMENT PERIOD December 31, 2005

Equities & Options

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

THROUGH January 31, 2006



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 30, 2005 |

| :--- | :--- |

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>ABERCROMBIE &amp; FITCH CO-CLA</td><td>ANF</td><td>CASH</td><td>10,000</td><td>66.3900</td><td>663,900</td><td>7,000</td><td>1.0544</td></tr><tr><td>BANPAIS SA-SPONSORED ADR REPSTG 6 SER L SHS</td><td>BPIBY</td><td>CASH</td><td>20,000</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$663,900</td><td>$7,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$663,900</td><td>$7,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$10,046</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$738,196</td></tr></table>



Transaction Detail


## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/31/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>74,046.27</td><td></td><td></td><td></td></tr></tbody></table>

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EFTA00195369



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD December 31, 2005

THROUGH January 31, 2006

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | December 30, 2005 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/03/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>249.85</td><td></td><td>249.85</td><td></td></tr><tr><td>01/03/06</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES AMT INCLUDED IN 2005 - 1099</td><td>DICXX</td><td></td><td></td><td></td><td>249.85</td></tr><tr><td>01/31/06</td><td></td><td>CLOSINGBALANCE</td><td></td><td>74,296.12</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-249.85</td><td colspan="2">$249.85</td></tr></tbody></table>





******* End of Statement*******



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